HomeMy WebLinkAboutKIN 42-1351 Borrowing By-law
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2. All sums borrowed from the said Bank, for any OfJlII 01 the purpOll88 mentioned In the
said Section 339, shall, with Interest thereon, be a charge upon the whole of the revenullll of the
Corporation for the current year and for all preceding years, as and when such revenues ars
rscelved. .
3. The Trsasurer Is hereby authorized and directed to apply In payment of all sums
borrowed pUr1luant to the authority of this By-law, as well as all other sums borrowed In this year
and any previous year1l, from the said Bank for any or all of the purposes mentioned In the said
Section 339, together with Interest thereon, all of the moneys hereafter collected or received on
account or realized In respect of the taxas levied for the current year and preceding years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose,
pas&ed thIS.........::i..#...........,......................dayOf...~...............19,:f.IZ
......,...~..IJ1~
.............u.;;;m~...c;~..
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I hereby certify that ~gOlng Is ~ true COpy of By-law No.. .................. of the Corpora-
tion Of..~...~.~......In the Province of Ontario, duly pas&ed at a
meeting of the Co~ii of the said Corporation duly held, and that the eald By-law Is In full
force and effecL
Dated thiS...........~........................day Of.t.~.~.............19..!:!..1,
CORPORATE
8EA1.
P<A wi tnesa the Seal of
the Corporation.
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CORPORATE
8E.lL
s.ct.S3ll"
Cloot" 264. A.&.0.
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EXTRACTS FROM THE MUNICIPAl. ACT R.5'o. 1937.
(I) A council may by by-law eIther boIore or altar the pualna of the by-law for Impoalno the ratea for the
current year authorlm the hold 8Ild treUurer III borrow from time to time by way 01 promlaory nota auch auma as
the council may deem .-.rY III meet, untll1he wee tnl colloclmd, the current expendlturea 01 the corporation
lor the year,lncludlno the amounta required fonlnk1na fund, principal and Intareat lalllna due within the year upon
any debt of the corporation, achool pur~, apeclal ratea pur~, 8Ild lor any board, commll8lOll or body 8Ild
other pur~ for which the corporatlon Ia required by law III provide.
(2) The amount which may be borrowed In 8IlY year lor the pur~ mentioned In IUbeIlCtlon t ahall not,
ex""pt with the approval of the Municipal Board, elUlllllCl IOvsnty per Cllntum 01 thellltal amount 01 the 118tlmalmd
revsnUlll of the corporation as I8t forth In the estlmatea adoptad for thO year.
(3) Unlilsuch estimates tnl adopllld. the IImltatlon upon borrowing prescrlbod by lubellCtlon 2, ahall tam-
porarllY be calculated upon thel8t1mallld revenues of the corporation as lOt lorth In tho eslimatea adopllld for the
next plllClld1no year.
(4) For the purpooos oIaubellClions 2 and 3 eatlmatad revenues shall not Include revsnUlll. derivable or dorlved
lrom arreaR 01 taxM. borrowlnas and iasuea 01 debentu"'"'
CUf",nt
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BY. LAW
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BANKOF MONTREAL
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Borrowlna 01 .,..~~,",9.Q.Q.A..................,........,..,.."......,
For Current EKpondltureB lor 19........
BY .LAW No...U~J............,..............
MUNICIPAL CORPORATION
OF
Town of X1noprd1n.
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Dalild ..........~!.!!~.!r.t....~.!k!,.........................,....., 111..,~.;!
,L. r. II AlV. MalWl, 1ll38.
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)F MONTREAL
'"~u":l!l"..9.n~,'""....,,......,Branch
~Y.LAW
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ondlturoB lor 19........
lIo...1::l~1...."...."..,,""',...,
AL CORPORATION
OF
r lUnollrd1n.
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